Key takeaways

• Pi Network extends losses on Thursday and could dip lower in the near term.
• The technical outlook for PI is mildly bearish as the short-term support is near $0.1687

Pi Network (PI) is edging lower on Thursday, threatening a potential bearish breakout below the $0.1700 mark. 

The rise in selling pressure is likely linked to renewed mainnet migration activity, with over 1 million PI tokens being deposited on centralized exchanges (CEXs), weighing down on the PI token’s price.

CEX deposits surge amid renewed mainnet migration

Pi Network is experiencing increased selling activity as investors transfer their PI tokens to exchanges after completing their Know Your Customer (KYC) verification.

PiScan data reveals that over 36 million PI tokens were migrated to the mainnet in the past four days, coinciding with the 26.20 million PI tokens unlocked from Pi Core Team wallets. 

Simultaneously, Pi-supporting exchanges saw an influx of 1.15 million tokens, indicating that large holders are reducing their exposure amid the option for an exit.

Technical outlook: PI risks deeper correction below $0.1700

The PI/USD 4-hour chart is bearish and efficient. At press time, Pi Network is trading around $0.1700, with a bearish near-term outlook. 

The PI token remains well below the 50-period Exponential Moving Average (EMA) at $0.1739 on the 4-hour chart, as well as the 100- and 200-period EMAs, which are clustered between $0.1750 and $0.1767. 

These moving averages, combined with the downward trendline, form a dense resistance zone that limits any upward movement.

The price is approaching the May 12 low of $0.1687, which has served as a base for short-term consolidation. 

The token is trapped within a descending wedge pattern, indicating that the current structure leans bearish. 

Additionally, the Relative Strength Index (RSI) is hovering near 40, slipping below the midline, while the Moving Average Convergence Divergence (MACD) line and its signal line remain marginally below zero, signaling that downside momentum is still in control.

If the bulls regain control, initial resistance lies near the 50-period EMA and the downward trendline break area around $0.1739. 

However, if the selloff persists, immediate support is loosely defined around the $0.1700 region, close to the May 12 low at $0.1687. 

A clear break below this level could open the door to fresh lows on the 4-hour chart, especially as the broader structure remains capped by the overhead moving averages and trendline resistances.

• The supertrend indicator paints a potential bullish breakout for Cardano (ADA).
• However, the momentum may not materialize, rendering the buy signal invalid.
• ADA could target highs above $0.40 next, although the $0.25 support remains key.

Cardano price has dropped again as broader selling caps the crypto market bounce. ADA is down 3% in the timeframe and near support levels around $0.26, which mirrors the pullback for Bitcoin.

The cryptocurrency bellwether recently rallied to near $83,000, but has pared gains and currently hovers around $79,800 amid macroeconomic headwinds. Cardano’s price trajectory has aligned with the BTC drop.

However, could ADA be about to pump amid fresh buying interest?

Cardano price: daily chart flashes buy signal

Overall, cryptocurrencies are showing weakness, and ADA remains potentially bearish.

Yet, a key trend indicator is flashing bullish on the daily chart, with the SuperTrend indicator turning green.

Prices have fallen since the indicator flipped red in early February, while long-term declines go back to slip below $1 in September 2025.

The SuperTrend indicator held red for several months and coincided with an eventual 70% decline in ADA price.

When it previously flashed green, ADA price rose sharply, reaching above $0.43 earlier in the year.

Analysts say that while Cardano has struggled since falling below $0.30, the correction and lengthy consolidation could give way to a trend reversal.

If this happens, bulls could target crucial resistance at $0.33 and then year-to-date highs above $0.40. A decisive breakout could bring $0.75-$1.00 into play.

Likely to help the bullish perspective is the fact that Cardano’s key stakeholders have slowly accumulated by buying the dip.

According to Santiment, wallets with at least 1 million ADA tokens have added to their bags to about 67% of supply.

That metric hovers at over 25.09 billion ADA, with buying happening despite the asset shedding more than 70% of its market capitalization over the past 9 months.

Cardano price – short-term bearish outlook!

While the SuperTrend indicator suggests a potential bullish breakout for ADA, skeptics warn that imminent momentum might fizzle, invalidating the buy signal altogether.

Supporting this cautious view are other key oscillators.

The daily Relative Strength Index (RSI) is downsloping near the 50 mark, indicating limited buying pressure, while the Moving Average Convergence Divergence (MACD) shows potential bearish crossover.

Should sellers regain control, ADA could first probe the $0.25 support zone before mounting any meaningful recovery.

However, a deeper breakdown below that level might accelerate losses toward $0.23. The potential demand reload zone aligns with the lower boundary of a multi-month channel.

The broader market outlook, including macroeconomic and geopolitical factors, could influence the next path for this altcoin.

Fundamental Background

On 13 May, Alibaba Group released its financial results for the fourth quarter of fiscal year 2026. Revenue reached RMB 243.38 billion ($35.28 billion), up 3% compared with the same period a year earlier. The company reported an operating loss of RMB 848 million ($123 million), compared with an operating profit of RMB 28.46 billion in the corresponding quarter last year. The decline was driven by heavy investment in AI infrastructure and subsidies for the Taobao Instant Commerce rapid-delivery service. Non-GAAP net profit fell by 100% to RMB 86 million ($12 million).

The only notably positive segment was cloud computing: revenue from external clients increased by 40%, while AI-related product revenue posted strong growth for the eleventh consecutive quarter, according to the company’s press release.

Technical Picture

From late January to early April, the shares remained in a downward trend. The local peak on 29 January marked the beginning of a steady decline towards the low recorded on 7 April. After price compression within the $118–$122 range near the lows, the stock sharply broke out of the trend.

During this move, a pronounced volume profile formed within the $130–$143.50 range, with the point of control (POC) concentrated around $135.50–$136. The lower boundary of the profile and the $129.00 level now act as the key support zone for the current range. Resistance at $149.00 coincides with the gap formed on 26 February.

On 13 May, the day of the earnings release, vertical trading volume surged sharply, clearly visible on the histogram. The candle showed an impulsive downside breakout followed by a retreat. The stock is currently trading above the upper boundary of the profile.

The RSI + MAs indicator shows readings of 67, 60 and 56. The RSI line remains above both moving averages, which are also turning higher and remain in positive territory.

Key Takeaways

The latest earnings confirmed the structural contradiction within Alibaba’s investment case: while the cloud and AI businesses continue to gain momentum, aggressive capital spending is weighing on profitability. Future price dynamics will largely depend on how quickly growing AI-related revenue begins translating into profit, as this factor is likely to shape investor sentiment going forward.

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A New York judge has delayed a decision on Aave’s emergency bid to unfreeze $71 million worth of crypto tied to victims of the $293 million Kelp DAO hack, asking for additional information ahead of a new hearing in June. 

Aave has sought to use $71 million in ETH that Arbitrum froze to assist with recovery efforts following the Kelp DAO hack, one of the worst DeFi hacks this year.

However, US law firm Gerstein Harrow LLP filed a restraining notice at the start of May, arguing its clients have a claim to the funds. Aave then filed an emergency motion to get the funds unlocked, arguing that user liquidations and potential DeFi market destabilization could occur if the funds are not unlocked soon.   

According to documents filed Wednesday in the Southern District of New York, Judge Margaret M. Garnett said Aave had not adequately outlined how “compounding losses” on user funds could “occur if the restraining notice remains in place” in its filing earlier this month. 

Judge requests more information from both sides 

Judge Garnett acknowledged that the case is complex and that there are risks for the victims, and called for additional briefings from both sides to further outline their cases.  

“The court recognizes the risk of potential near-term harm to Aave LLC and Aave Protocol users. Due to the complexity of the issues raised in the parties’ motions and at oral argument on May 6, 2026, and the extremely abbreviated timeline on which they were briefed, the Court orders the parties to submit supplemental briefing,” Judge Garnett said.  

The judge outlined six key points on which the court wants more information, including whether the hacking transactions are governed by New York’s shelter principle; the legal distinction between fraud and theft and what interest hackers have in stolen assets; which law controls creditor priority over the frozen assets; whether a constructive trust would be an appropriate remedy and whether Aave or Arbitrum can identify individual victims to return the assets on a pro rata basis.

Aave and Gerstein Harrow will now have until May 22 to submit their briefs, with the hearing scheduled for June 5.

Related: DeFi can freeze stolen funds, but not everyone agrees it should

The case comes amid broader Kelp DAO recovery efforts. Kelp and Aave announced Tuesday that they had taken important steps to restore the backing of rsETH. 

The hacker’s rsETH have been burned on Arbitrum, while the lost tokens, worth about $278 million, will be restored over the next two weeks via funds from the Aave Recovery Guardian multisignature wallet.  

Once the associated smart contracts are reactivated, all rsETH uses will return to normal. 

Source: Kelp DAO

Magazine: AI-driven hacks could kill DeFi — unless projects act now

Binance Alpha will remove 20 tokens from its featuring list on May 14 at 06:00 UTC after a recent review. 

The affected assets are PRAI, COMMON, PINGPONG, TAKER, JANITOR, GATA, KLINK, CORL, SWTCH, ARIAIP, LONG, ZKWASM, GORILLA, ECHO, LITKEY, FIR, GM, DELABS, DONKEY and WHY.

Binance said the tokens “do not adhere to Binance Alpha’s standards.” The exchange did not state a separate reason for each token, leaving the exact issue for every project unclear. It also said users can still withdraw or sell the assets after removal.

Meanwhile, Binance Alpha is used for early-stage tokens, which can carry more trading risk than larger listed assets. Binance warned that Alpha tokens may face “higher than normal risk” and can see high price swings.

The latest cleanup shows Binance is still reviewing tokens after they enter its Alpha channel. For traders, removal from the featured list may reduce visibility and weaken short-term demand, especially for smaller assets with thin liquidity.

Five spot tokens face Binance delisting next

The Alpha removal comes as Binance prepares a separate spot delisting. Binance will delist ATA, FARM, MLN, PHB and SYS from all spot trading pairs on May 27 at 03:00 UTC.

The exchange said it reviews factors such as team commitment, development activity, trading volume, liquidity, network safety, public communication, community engagement and regulatory needs. Deposits for those five tokens will stop being credited after May 28, while withdrawals will remain supported until July 27.

Binance delisting strategy gains speed

As previously reported, Binance moved to give its community more input on listings and delistings. Under that model, eligible users can vote on projects for possible listing or removal, while Binance still applies due diligence before final decisions.

Crypto.news also reported that Binance delisted 14 tokens in April after its first “Vote to Delist” campaign. That earlier cleanup cited reasons such as low trading volume, weak project development, limited community activity and failure to meet platform or regulatory standards.

TLDR:

• Nvidia CEO’s foundation purchased $108.3M in CoreWeave computing time for university and nonprofit AI research.
• Nvidia offered free engineering services to select institutions receiving the CoreWeave computing grant donations.
• Nvidia invested $2 billion in CoreWeave in January, making it the company’s second-largest shareholder at the time.
• Nvidia’s $6.3B CoreWeave deal guarantees chip purchases of unsold cloud capacity, raising circular financing concerns.

The foundation of Nvidia CEO Jensen Huang and his wife, Lori, has purchased $108.3 million worth of computing time from CoreWeave.

The resources will be donated to universities and nonprofit institutions for science and artificial intelligence research.

Nvidia has also offered free engineering services to some grant recipients. The move adds to a growing list of financial ties between Nvidia and CoreWeave.

Huang Foundation Directs Computing Resources to Academic Institutions

A filing released Tuesday confirmed the donation, detailing how the computing time will support AI and science research.

According to the filing, the computing resources will be used for “science and artificial intelligence research.” The grant recipients include universities and other nonprofit organizations working on advanced research programs.

Nvidia stated in the filing that it plans to provide free engineering services to select institutions receiving the grant. The donation reflects Jensen Huang’s continued personal investment in expanding AI research infrastructure.

Beyond charitable giving, however, the move also channels more activity toward CoreWeave, a cloud provider specializing in AI workloads.

CoreWeave relies heavily on Nvidia’s graphics processing units, or GPUs, to serve its customers. The foundation’s purchase of CoreWeave computing time comes as Nvidia deepens its financial relationship with the company.

Reuters reported that in January, Nvidia invested $2 billion in CoreWeave, becoming the company’s second-largest shareholder at the time.

Nvidia’s Broader Financial Relationship With CoreWeave Draws Scrutiny

Nvidia signed a $6.3 billion cloud computing capacity deal with CoreWeave last year. Reuters noted the agreement guarantees that Nvidia “will purchase any cloud capacity not sold to customers.” That arrangement effectively made Nvidia a guaranteed buyer of CoreWeave’s unused computing resources.

CoreWeave raised the lower end of its capital spending forecast last week when it reported results. The company cited higher prices of components as the reason behind the updated forecast. That update came as investors continued to watch the financial ties between the two companies closely.

As Reuters reported, “The chip giant has drawn scrutiny for investing billions of dollars into AI firms including ChatGPT maker OpenAI and neoclouds.”

Investors have raised concerns about potential circular financing, where Nvidia’s capital flows back through companies that purchase its chips. Those concerns continue to grow alongside Nvidia’s expanding investment portfolio in the AI sector.

Digital asset infrastructure company BitGo reported a wider first-quarter net loss as Bitcoin treasury mark-to-market losses and IPO-related expenses outweighed stronger client growth and a year-over-year jump in revenue.

Revenue for the quarter ended March 31 was $3.8 billion, up from $1.8 billion a year earlier, driven by higher digital asset trading activity and growing contributions from its stablecoin business, the company announced Wednesday. Revenue fell 38.7% from Q4 2025’s $6.2 billion, partly due to a shift in client trading from spot to derivatives, a product BitGo launched at the start of the quarter that generated roughly $3 billion in notional volume.

However, net loss widened to $60.7 million from $25.7 million in Q1 2025, hit by a $53.7 million non-cash loss tied to the declining value of the company’s Bitcoin treasury, as well as stock-based compensation from its recent IPO. BitGo said stock compensation costs are expected to normalize going forward.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) swung to a loss of $1.7 million from a gain of $3.9 million a year ago, partly due to a $3 million in one-time legal and professional costs tied to the IPO.

Related: Circle to launch cirBTC wrapped Bitcoin, challenging BitGo and Coinbase

BitGo client base surges 42%

On the platform side, client count grew 42% year-over-year to 5,569. These are institutions like hedge funds, exchanges, fintech companies and other businesses that plug into BitGo’s infrastructure. Users on the platform also grew to 1.2 million, up 7.3% year-over-year.

BitGo KPIs. Source: BusinessWire

Stablecoin-as-a-service revenue jumped 43.6% to $38.2 million, while staking revenue dropped 66.2% to $49.4 million amid lower token prices.

BitGo ended the quarter with $186.6 million in cash and held 2,449 Bitcoin valued at approximately $167.1 million.

BTGO shares slipped 1.09% in overnight trading to $11.78 after the earnings release, according to Yahoo! Finance.

Related: BitGo launches portfolio-based crypto lending platform for institutions

Crypto companies post widening losses in Q1

A string of crypto companies reported deepening losses in the first quarter of 2026 amid the market decline. Coinbase swung to a $394.1 million net loss, missing revenue estimates of $1.5 billion with $1.41 billion. Exodus Movement more than doubled its losses to $32.1 million as revenue dropped 36.8% and active users slid.

Bitcoin miners, including Riot Platforms, Core Scientific, CleanSpark and TeraWulf, all posted widening losses in Q1 2026, with MARA topping the group at a $1.3 billion net loss, roughly $1 billion of which stemmed from non-cash mark-to-market adjustments on Bitcoin holdings.

Magazine: Guide to the top and emerging global crypto hubs — Mid-2026